GBP/USD Technical Analysis – Prices declined as expected after putting in a Hanging Man candlestick below support-turned-resistance at the underside of a rising channel set from mid-March. Sellers are testing support at 1.5283, the 76.4% Fibonacci retracement, with a break beneath that aiming for the May 29 low at 1.5008. Near-term resistance is at 1.5291, the 61.8% level. A move back above that targets the 50% Fib at 1.5379.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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